XRP Price Remains On Track To Reach $27 By July: Analyst


In a recent technical update EGRAG Crypto presented a compelling case for the XRP price, with historical comparisons that are suggestive of a significant upward trend. The focal point of his analysis is the Average Sentiment Oscillator (ASO), an indicator that provides insights into market sentiment by depicting the proportion of bullish to bearish perspectives through a blue and a red line, respectively.

XRP Price On Course To Hit $27

The updated ASO chart shared by EGRAG Crypto highlights a bullish cross that took place on October 3rd, 2023. This event is critical as it is indicative of a shift in market sentiment in favor of a bullish outlook.

How To Get Free Crypto  

The analysis draws a parallel to the formation observed in 2017, labeled as point A on the chart, which was followed by a 55,000% rise in the price of XRP over a span of 275 days. This historical event is used as a benchmark to compare current market behavior.

The analysis further references a similar bullish cross occurring between late 2020 and 2021, leading to a 1,500% rise in the asset’s value over 273 days, reinforcing the significance of such crossovers as precursors to considerable price movements.

XRP price: Average Sentiment Oscillator analysis | Source: X @egragcrypto

Presently, the chart illustrates what EGRAG describes as “the largest jaw,” referring to the substantial gap between the bullish and bearish sentiment lines on the ASO. Egrag views this divergence as an indicator of a potentially stronger bullish trend than previously observed.

With the pattern of 9 bars, or 274 days, since the last bullish cross mirroring the timing of the past surges, EGRAG’s analysis suggests that XRP will be on a similar trajectory by July this year.

Coinbase Banner  

Notably, the ASO trendline is currently trending down again. According to the crypto analyst, however, this is no cause for concern. XRP remains on its bullish path. “Confidently, I can affirm that the current curve closely resembles the formation seen in 2017. Check out the chart below labeled “Check Here” for a visual representation,” Egrag states.

While the ASO’s centerline at 50% marks a balance point between bullish and bearish sentiments, the current bullish sentiment line is well above this threshold, reinforcing the expectation of a continued rise in price.

Using the XRP price movement from the previous instances of ASO bullish cross, Egrag extrapolates that the XRP price could reach $27 by July 2024. Therefore, Egrag’s advice to the XRP army is quite simple: “STAY STEADY! The key to winning this game is to #BUY, #HODL, and sit on your ass. Simply as Raoul Pal says, ‘Do not Fuck it up.’”

At press time, XRP traded at $0.57051.

XRP price falls below the 200-day EMA again, 1-day chart | Source: XRPUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

FreeBitcoin Banner  

Go to Source
Author: Jake Simmons


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.